Small business employees prefer health benefits to raises
Attract and retain top candidates in a competitive job market by providing extended health coverage. Pacific Blue Cross makes it easy for small business owners to access the health coverage they need.
Vancouver Island small business owners never do just one job. In the course of a week, an entrepreneur might be in charge of labour, accounting, training, marketing, tech support and much more. It’s understandable, then, that many small businesses on Vancouver Island haven’t set up health benefit plans for their employees — when you are your own HR department, it’s hard to find the time.
But getting coverage isn’t as time consuming or costly as you might think — and in today’s economy, the benefits are enormous. A recent Blue Cross study found that almost two-thirds (63 per cent) of small business employees in British Columbia would rather have health benefits over a $10,000 raise.
3 benefits of benefit plans
“Providing your employees with group benefits coverage has become somewhat of a necessity to remain relevant in today’s labour market. By offering benefits to your employees, not only do you increase your chances of attracting top talent, but you also increase your chances of retaining those valuable staff members as well,” says Chris Austin, Director of Emerging Mid-Market Business at Pacific Blue Cross.
- Attract top candidates in a competitive job market – 80 per cent of employees consider a company’s health benefits before accepting a new role.
- Retain quality employees and reduce training time – 84 per cent of employees with a health benefits plan would not consider leaving for a job that does not offer benefits.
- Improve employee engagement and reduce absenteeism — when employees are empowered to keep up with preventative healthcare, small businesses spend less time scrambling to cover unexpected sick days. Most (91 per cent) employees value their benefits plan’s impact on overall health and wellbeing.
While many (39 per cent) Canadian small businesses cited cost as a key barrier to offering health benefits plans, the Blue Cross study found that the average cost is just $1,822 per employee annually. Plus, businesses also have the option of splitting health plan costs with their employees. Photo courtesy Pacific Blue Cross.
Flexible, affordable health plans for small businesses
Pacific Blue Cross is making it easier for small business owners to access the health coverage they need. With options for businesses of all sizes, from single owner-operators to businesses with thousands of employees, it’s easy to find a comprehensive plan that fits your needs.
Take a modular approach and select the benefits that make sense for your business, or with a few clicks online you can choose from popular existing plans for a simplified approach. Benefits include core health coverage for prescription medications, vision care, physiotherapy and RMT massage, dental coverage, on-demand virtual care, mental health support, supports for expecting and new parents, and women’s health coverage.
While many (39 per cent) Canadian small businesses cited cost as a key barrier to offering health benefits plans, the Blue Cross study found that the average cost is just $1,822 per employee annually. Plus, businesses also have the option of splitting health plan costs with their employees.
“We’re a not-for-profit organization with a BC focus — all of our support staff live here, and we understand the needs of British Columbians. We’re also proud to invest back into the communities we serve, supporting local organizations improving the health and well-being of British Colombians,” Austin says.
It’s easy to get started, and Pacific Blue Cross is ready to assist with everything from enrolment to claiming procedures. Learn more about the benefits of small business health plans at pac.bluecross.ca/group/small-to-medium-business/blue-chip. To find out about pricing and explore pre-packaged plans, visitpac.bluecross.ca/bigbenefits.